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DuyLe
Registered: Oct 2007
Posts: 52 |
10-13-12 03:00 AM
Quote from college ruled:
Have you played against well known big names like Phil Hellmuth for example?
Yup. 2007 LAPC main event day 1. He was on my first table. We all registered late. He is pretty loose aggressive in the beginning. He is an incredible player.
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dealmaker
Registered: Dec 2006
Posts: 607 |
10-13-12 03:20 AM
Quote from DuyLe:
Hey Guys,
I am trying to transition from poker to trading stocks . I've done a decent amount of research, looked at various prop firms and education sites.(capital traders group, t3, smb, broadstreet, pristine trading, etc). I recently finished building a foundation for technical analysis and did a mentorship under a well known trader, and just finished my paper trading training. I am going to start my journey with an initial risk unit of $5. Check out my blog if you have the time. I will be detailing my progress and entire experience.
www.lepokertrader.blogspot.com
Paper trading is only useful in terms of getting used to the platform, otherwise it has no value...
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Nutinsider
Registered: Jul 2012
Posts: 81 |
10-13-12 03:27 AM
Quote from DuyLe:
Hey Guys,
I am trying to transition from poker to trading stocks . I've done a decent amount of research, looked at various prop firms and education sites.(capital traders group, t3, smb, broadstreet, pristine trading, etc). I recently finished building a foundation for technical analysis and did a mentorship under a well known trader, and just finished my paper trading training. I am going to start my journey with an initial risk unit of $5. Check out my blog if you have the time. I will be detailing my progress and entire experience.
www.lepokertrader.blogspot.com
Good luck buddy.
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Took2Summit
Registered: Jul 2011
Posts: 401 |
10-13-12 06:06 AM
I am also an ex poker player, FU doj 
I will say one thing since i had the poker mindset, and people can correct me if im wrong. but the patience and keeping your cool in poker only works in trade setup, NOT once trade is initiated. I would say my number 1 flaw in trading is im patient and i wait for what im looking for, but then i am also patient once the trade is in when i know its not doing what i want it to.
perfect example is my journal. just a week or so ago i found my perfect setup for a swing trade in CAT, i even wrote in my blog that i will not hesitate to dump it if it doesn't hold my pattern. i bought at 86.86, i somehow am still holding this damn thing at 82.86 or whatever it's at now, one of my worse mistake of the year, but its that poker mindset that got me into this trade, and now i keep holding it hoping i get out, maybe i can bluff people that kinda thing lol.
well GL man i will be watching your progress
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cygnetnoir
Registered: Sep 2012
Posts: 70 |
10-13-12 03:08 PM
Some thoughts: Trading is a no ante game, i.e. you don't have bet.
Gambling is betting on the outcome of an event, e.g. the value of a hand to be dealt, a horse race, a football game, the rollo of dice, the stopping point of a wheel of fortune. In trading, that event is price change. Most of the time, the direction of the next price move or series of moves is random, i.e. any bet is an even 50/50 bet with no edge. Add in the house vig, and most of the time the market offers you the chance to lose over time.
This game can be beat. You need to learn to identify those few times when the direction of the next movement of price favors one direction over the other, and make the most of those times. Or, you can identify bets where you can make proportional non-directional bets that will keep losses small but allow for profits larger than the losses.
In most games, the event ends without any further effort by the bettor (the last card is dealt and called, the horses cross the finish line, time runs out of the game, the dice come to a rest, the wheel stops spinning). You either win according to your bet and odds, or you lose your bet. Your losses are thus self-limiting on a per bet basis. In this game, i.e. trading, price change continues. Your losses can and will continue to grow until you or the margin clerk stops you out.
Bet size should be according to you bankroll and odds.
Trading is gambling, but it is a beatable game.
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Swan Noir
Registered: Jun 2009
Posts: 1696 |
10-13-12 03:47 PM
Quote from cygnetnoir:
Some thoughts: Trading is a no ante game, i.e. you don't have to bet.
Keep the simple fact that there is no cost to sit in mind all day, every day. And understand that no matter how tight you play this game, as long as you trade RTH in highly liquid instruments EVERY bet will be faded. No one can see that you are tight, tight, tight. You have no table image to be concerned about ... no need to mix up your play.
It is these elements that make this a much better game than any card room will ever spread for you. Unless you exploit these edges and the way they compliment each other you might as well walk into the pit and play whatever wheel or table has the prettiest girls. It is these two edges that make the skill you acquire pay out.
Now ... you need the skill.
PS: cygnetnoir's important and spot on quote had a typo: It was missing the word "to". I inserted it.
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